Composite water samples taken from Owena Multi-purpose Dam in six sampling campaigns covering the wet and dry seasons were analyzed for physico-chemical and microbial characteristics using standard methods for the examination of water and wastewater jointly published by the American Public Health Association, American Water Works Association and Water Pollution Control Federation. Results showed significant p < 0.05 seasonal variations in most measured parameters with few showing significant spatial variation. The characteristics of the water from the dam lake revealed an acceptable quality for most measured parameters with low chemical pollutants burden when compared with drinking water standards and water quality for aquaculture. However, high values of turbidity, colour, iron, manganese and microbial load were recorded compared with drinking water standards, which call for proper treatment of the water before distribution for public consumption.